BUS 1750 exam 2
Gabriela is consistently recognized by management as one of the company's best employees, and her co-workers also respect and admire her. This satisfies Gabriela's _______ needs.
esteem
According to ______ theory, a person asks the following questions before completing a task: "Can I accomplish this task?," "If I do accomplish it, what is my reward?" and finally, "Is the reward worth the effort?"
expectancy
Professor Hoffson maintains a very strict attendance policy in her Introduction to Business course at Wayne College. For each unexcused absence, a student forfeits 10 points. This policy is consistent with _______ theory.
expectancy
Demand for Riana's product in the U.S. is inconsistent. When orders are slow, she sometimes needs to shut down production to help control inventory levels. One way Riana could improve her firm's situation is to
export to international markets.
problem solving differs form decision making because problem solving
-usually requires faster action -is less formal
Rank the five steps of the control process. the first step should be on top
1- establish a clear performance standards 2- Monitoring and recording actual performance or results 3- Comparing results against plans & standards 4- Communicating results & deviations to appr employees 5- taking corrective action when needed & providing positive feedback
what are the steps involved in decisions making?
1. define the situation 2. describe and collect needed information 3. develop alternatives 4. decide which alternative is best 5. do what is indicated (begin implementation) 6. determine whether the decision was a good one and follow up
what are the three levels of management in the corporate hierarchy?
1. top management (president and executives) 2. middle management (general managers, division managers and plant managers) 3. supervisory management (evaluate workers daily performance)
When it comes to prior experience, what is the rule of thumb regarding how many years of experience you should have in a comparable firm before starting a firm of your own?
3 years
In the U.S., small businesses like Broad Reach Sailing create:
60%-80% of new jobs annually
Approximately what percentage of American workers got their first job with a small business?
80 %
What sources of funds should someone wanting to start a new business consider investigating?
A new entrepreneur has several potential sources of capital: personal savings; family and business associates; banks and finance institutions; angels, crowdfunding and venture capitalists; and government agencies and more.
Which of the following statements regarding small business ownership is TRUE?
About 50% of all small businesses are owned by women.
The concept that motivation can be understood based on a hierarchy of human needs was first introduced by
Abraham Maslow
What is the basis of expectancy theory?
According to Victor Vroom's expectancy theory, employee expectations can affect an individual's motivation.
What does management look like today?
At one time, managers were called bosses, and their job consisted of telling people what to do, watching over them to be sure they did it, and reprimanding those who didn't. Many, if not most, managers still behave that way. Today, however, some managers tend to be more progressive. For example, they emphasize teams and team building; they create drop-in centers, team spaces, and open work areas. They tend to guide, train, support, motivate, and coach employees rather than tell them what to do.
How are Generation X managers likely to be different from their baby boomer predecessors?
Baby boomers tend to be more willing to work long hours to build their careers and often expect their subordinates to do likewise. Gen Xers may strive for a more balanced lifestyle and are likely to focus on results rather than on how many hours their teams work. They tend to be better than previous generations at working in teams and providing frequent feedback. They usually are not bound by traditions that may constrain those who have been with an organization for a long time and are willing to try new approaches to solving problems.
What are the hygiene (maintenance) factors?
Company policies, supervision, working conditions, interpersonal relationships, and salary.
What are the five steps of the control function?
Controlling incorporates (1) setting clear standards, (2) monitoring and recording performance, (3) comparing performance with plans and standards, (4) communicating results and deviations to employees, and (5) providing positive feedback for a job well done and taking corrective action if necessary.
Which of the following best describes the first step in the marketing research project?
Define the question and determine the present situation.
Who developed Theory X and Theory Y?
Douglas McGregor held that managers have one of two opposing attitudes toward employees. He called them Theory X and Theory Y.
The Hawthorne studies are associated with
Elton Mayo
What does empowerment mean?
Empowerment means giving employees the authority and responsibility to respond quickly to customer requests. Enabling is giving workers the education and tools they need to assume their new decision-making powers.
Martha was relatively satisfied with her job as an assembly worker at Manlow Industries until she learned that her less-experienced co-worker was earning more money. So, Martha decided to ask her boss for a raise. This behavior is consistent with which of the following theories of motivation?
Equity theory
What are the key elements of expectancy theory?
Expectancy theory centers on three questions employees often ask about performance on the job: (1) Can I accomplish the task? (2) If I do accomplish it, what's my reward? and (3) Is the reward worth the effort?
What hints would you give someone who wants to learn about starting a small business?
First, learn from others. take courses and talk with some small-business owners. second, get some experience working for others. third, take over a successful firm. Finally, study the latest in small-business management techniques.
What are some advantages small businesses have over large businesses in global markets?
Foreign buyers enjoy dealing with individuals rather than large corporations because small companies provide a wider variety of suppliers and can ship products more quickly and small companies give more personal service
One of the founders of motivational theory, _______ is also recognized as the father of scientific management.
Frederick Taylor
Many _______ grew up as latchkey kids in dual-career families; they seek more of a balance between life and work.
Generation Xers
Mr. Mahara, the plant manager at a large manufacturing facility, is interested in watching his workers in order to identify the factors that affect employees' productivity. However, he knows that due to the _______ effect, workers might behave differently if they are aware they are being observed.
Hawthorne
What is the difference between Frederick Herzberg's motivator and hygiene?
Herzberg found that whereas some factors motivate workers (motivators), others cause job dissatisfaction if missing but are not motivators is present
What is Frederick Taylor known for?
Human efficiency engineer Frederick Taylor was one of the first people to study management and has been called the father of scientific management. He conducted time-motion studies to learn the most efficient way of doing a job and then trained workers in those procedures. He published his book The Principles of Scientific Management in 1911. Henry L. Gantt and Frank and Lillian Gilbreth were followers of Taylor.
According to equity theory, employees try to maintain equity between inputs and outputs compared to other employees in similar positions. What happens when employees perceive that their rewards are not equitable?
If employees perviece they are under rewarded, they will either reduce their effort or rationalize that it isn't important. If they perceive that they are under rewarded, they will either increase their effort to justify the higher reward in the future or rationalize by saying Im worth it. inequity leads to lower productivity, reduced quality, increased absenteeism and voluntary resignation
What is the difference between high-context and low-context cultures?
In high-context cultures, people build personal relationships and develop group trust before focusing on tasks. In low-context cultures, people often view relationship building as a waste of time that diverts attention from the task.
What is intrapreneuring?
Intrapreneuring is the establishment of entrepreneurial centers within a larger firm where people can innovate and develop new product ideas internally.
The presentation outlines ways would-be entrepreneurs can learn how to run their own business. Which of the following is NOT one of those ways?
Investigate competitors.
Which of the following is NOT a reason why businesses enter global markets?
It is cheaper to do so.
Which of the following is NOT part of the definition of a small business as outlined by the Small Business Administration?
It is operated as a subsidiary of a larger corporation.
name two forms of job enrichment that increase movement.
Job enlargement combines a series of tasks into one challenging and interesting assignment. job rotation makes work more interesting by moving employees from one job to another.
What is knowledge management?
Knowledge management is finding the right information, keeping the inforzmation in a readily accessible place, and making the information known to everyone in the firm.
Which of the following is NOT a major hurdle to getting started in global business?
Lack of technological advances
Which of the following statements regarding the comparison between management and leadership is TRUE?
Leaders are accepting of change when it benefits the organization.
What reasons can you give to account for changes in management?
Leaders of Fortune 100 companies today tend to be younger, more of them are female and fewer of them were educated at elite universities. they know that many of their employees know more about technology and other practices than they do. They tend to put more emphasis on motivation, teamwork, and cooperation. Managers in the future are likely to be assuming completely new roles in the firm. they will also do expansion in global markets
How can managers encourage open communication?
Managers can create an organizational culture that rewards listening, train supervisors and managers to listen, use effective questioning techniques, remove barriers to open communication, avoid vague and ambiguous communication, and actively make it easier for all to communicate.
Why do many small businesses fail?
Many small businesses fail because of managerial incompetence and inadequate financial planning.
What did Abraham Maslow find human motivation to be based on?
Maslow studied basic human motivation and found that motivation was based on needs. He said that a person with an unfilled need would be
What is a micropreneur?
Micropreneurs are people willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.
How does open communication improve employee motivation?
Open communication helps both top managers and employees understand the objectives and work together to achieve them.
Which of the following is a major key to the success of any small business?
Personal attention to customers
Teams of retired executives who help new entrepreneurs with everything from writing business plans to answering questions about everyday operations are known as
SCORE
According to Maslow, which of the following represents the highest level of an individual's hierarchy of needs?
Self-actualization
What is goal setting theory?
Setting ambitious but attainable goals can motivate workers and improve performance if the goals are accepted, accompanied by feedback, and facilitated by organizational conditions.
What levels of need did Maslow identify?
Starting at the bottom of Maslow's hierarchy and going to the top, the levels of need are physiological, safety, social, esteem, and self-actualization.
what does the small in small business mean?
The Small Business Administration defines a small business as one that is independently owned and operated and not dominant in its field of operation, and that meets certain standards of size in terms of employees or sales (depending on the size of others in the industry).
What led to the more human-based managerial styles?
The greatest impact on motivation theory was generated by the Hawthorne studies in the late 1920's and early 1930's. In these studies, Elton Mayo found that human factors such as feelings of involvement and participation led to greater productivity gains than did physical changes in the workplace.
What characteristics of work affect motivation and performance?
The job characteristics that influence motivation are skill variety, task identity, task significance, autonomy , and feedback
Which leadership style is best?
The most effective leadership style depends on the people being led and the situation. The challenge of the future will be to empower self-managed teams.
What is Theory X?
Theory X assumes the average person dislikes work and will avoid it if possible. Therefore, people must be forced, controlled, and threatened with punishment to accomplish organizational goals.
What is theory Y?
Theory Y assumes people like working and will accept responsibility for achieving goals if rewarded for doing so.
Why is it beneficial for new entrepreneurs to consider taking a course in small business management at a community college?
They can learn from instructors and experienced entrepreneurs from a wide array of backgrounds.
What are some common characteristics of Millennials?
They tend to be adaptable, tech-savvy, able to grasp new concepts, practiced at multitasking, efficient and tolerant. They often place a higher value on work-life balance, expect their employers to adapt to them and are more likely to rank fun and stimulation in their top five ideal-job requirements.
What is Theory Z?
William Ouchi based Theory Z on Japanese management styles and stresses long-term employment; collective decision making; individual responsibility; slow evaluation and promotion; implicit, informal control with explicit, formalized control; moderately specialized career paths; and a holistic concern for employees (including family).
Can managers use Maslow's theory?
Yes, they can recognize what unmet needs a person has and design work so that it satisfies those needs.
Where can budding entrepreneurs find help in starting their businesses?
accountants, lawyers, marketing researchers, loan officers, insurance agents, the SBA, SBDCs, SBICs, peer groups, college professors
Which of the following is considered an economic factor for a business?
a change in oil prices
In a SWOT analysis, all of the following are considered organizational threats EXCEPT
a lack of managerial depth and talent
What's the difference between a manager and a leader?
a manager plans, organizes and controls functions within an organization. A leader had vision and inspired others to grasp that vision, establishes corporate values, emphasizes corporate ethics and doesn't fear change
All consumers with unsatisfied wants and need who have both resources and the willingness to buy are:
a market
What is management by objectives?
a system of goal setting and implementation; it includes a cycle of discussion, review, and evaluation o objectives among top and middle-level managers, supervisors, and employees
According to Herzberg, interest in the work itself is a(n) ______________.
motivator
Which of the following is NOT a skill that managers need to be successful in today's business environment?
autocratic authority
At Dreher Products, management establishes monthly goals for its manufacturing teams but team members are free to determine work assignments, schedules, and evaluation parameters. Which component of job enrichment theory does this best reflect?
autonomy
The role of managers at Best Buy has evolved. Today's managers must
be team players
Martin is a car salesperson at a Volvo dealership. His sales approach to families emphasizes Volvo's excellent safety record, whereas his approach to individuals emphasizes its powerful, sporty engine. This strategy of customizing his approach on how the Volvo's attributes serve the customer is an example of _______ segmentation.
benefit
An online diary that looks like a webpage but is easier to create and update by posting text, photos, or links to other sites is called a
blog
The document that details the business idea, the target market, the business's competitive advantage, the available financial resources and the qualifications of its managers is known as the
business plan
Robertson Properties, a large commercial property management firm, orders cleaning supplies directly from the manufacturer of those products. This purchase is part of the _______ market.
business-to-business
Despite the fact that 90% of the carpet produced today is made within a 65-mile radius of Dalton, Georgia, there are less than 100 manufacturers in this area. This demonstrates the fact that
business-to-business (B2B) customers are relatively few compared to the consumer market.
when starting a small business, government agencies such as the SBA, the Farmers Home administration etc are possible sources of
capital information
The psychological conflict that happens when you have doubts about a recent purchase (buyer's remorse) is also called
cognitive dissonance.
Environmental scanning identifies forces that affect marketing success, such as global, technological and _______ factors.
competitive
A manager who is able to picture the organization as a whole and think in terms of the "big picture" is said to possess _______ skills.
conceptual
As executive chairman of Google, Eric Schmidt oversees the company's business strategies. At his management level, Schmidt will likely spend most of his time using _______ skills.
conceptual
_______ planning develops alternative courses of action that may be used in a specific situation when things do not go according to plan.
contingency
Managers are involved in the _______ function of management when they make sure that the organization is making sufficient progress toward achieving its goals and objectives.
controlling
Olivia owns a small CPA firm. She has reviewed the financial statements for the last five years to compare the firm's performance with its goals and has called a meeting with her employees to share the news. Olivia's actions are part of the _______ function of management
controlling
what is leading?
creating vision for the organization and communicating, guiding, training coaching and motivating others to achieve goals and objectives
Ryan wants to begin marketing his products internationally. One of the challenges he is likely to experience is
cultural differences
People are different, so cultural diversity and generational differences within the workplace require that managers use a motivational approach that is
customized to the needs of each employee.
When implementing a knowledge management strategy, one of the first steps is to
decide what knowledge is the most important for employees to do the best jobs they can.
As their business grew, it became impossible for Todd and Jim to oversee every detail even by putting in huge numbers of hours a week. Like many entrepreneurs, one of the most difficult tasks for them was to:
delegate authority to other
Agatha is starting a small jewelry design business called "Budget Beads and Baubles," and she plans to design jewelry that is aimed at teens and young adults. Agatha's target market is based on _______ factors.
demographic
What is organization?
designing the structure of organization and creating conditions and systems in which everyone and everything works together to achieve the organizations goals and objectives
Successful businesses perform marketing research in order to
detect trends and changes in consumer demand.
Amira is interviewing for a management position with a progressive Fortune 500 company. She will likely be expected to
emphasize teamwork and cooperation among her staff.
Peter Drucker's management by objectives (MBO) states that
employees' performance should be monitored closely, and they should be coached when necessary.
Paradise Cruises is a very successful cruise line that serves thousands of passengers each week. Staff members work in self-managed teams and are empowered to perform tasks as needed to effectively address passengers' problems and needs. One of the reasons the company has implemented this approach is that
empowering employees and having open communication leads to better solutions to problems.
Larry Page and Sergey Brin, founders of Google, have created an environment in which employees are encouraged to share new ideas, and Page and Brin often share their management insight and explanations with employees. They have built an organization culture that
encourages open communication.
Blackstone Automotive Manufacturing redesigned its assembly line jobs so that an employee installs a complete windshield wiper, rather than just attaching the wiper arm before the next employee installs the wiper blade. This is an example of job
enlargement
In order to attract businesses to the area, the city of Grand Valley offers a $500 job tax credit per employee, a 3% investment tax credit for purchased equipment and a health insurance tax credit of $200 per employee. This is an example of a(n)
enterprise zone
Being self-directed, self nurturing, action-oriented and tolerant of uncertainty are all considered characteristics of
entrepreneur
a(n) ________________ team is a group od experiences people from different areas of business who join together to form a managerial teal with the skills needed to develop, make and market a new product
entrepreneurial
The Hawthorne studies were designed to measure the effect of the work _______ on productivity.
environment
In deciding whether or not to expand operations to Singapore, Digital Control Enterprises performed a(n) _______, in which it identified and analyzed the economic, social and competitive factors that may affect its success.
environmental scan
Best Buy believes that giving employees in the Results Only Work Environment (ROWE) program the freedom to schedule their own work time is the most effective way of meeting both organization and employee goals. The four functions of management involved in ROWE include all of the following except
financing
Why don't more small businesses start trading globally?
financing is often difficult to find, many people dont know how to get started and do not understand the cultural differences in foreign markers and there is a lot of bureaucratic red tape is often overwhelming
The first step in the marketing process is
finding opportunities.
SEMCO is a conglomerate that does everything from industrial engineering to environmental consulting. At this company, salaries are public knowledge, and workers identify and carry out strategic opportunities for both the company and themselves. This is an example of _______ leadership
free-rein
When John Thompson became a manager in the ROWE program, he had to change his leadership style to
free-rein
Ninety percent of the carpet produced in the world today is made within a 65-mile radius of Dalton, Georgia. This demonstrates the fact that business-to-business (B2B) markets are often
geographically concentrated.
Which of the following theories uses the overall goals of the organization as a framework to emphasize the specific objectives of each department and individual?
goal-setting theory
the definition of ___________ states: the broad, long-term accomplishments an organization wishes to attain.
goals
What's the difference between goals and objectives?
goals are broad, long-term achievements that organizations aim to accomplish, whereas objectives are specific, short-term plans are made to help reach the goals.
All of the following are reasons why people are willing to take entrepreneurial risk EXCEPT
guaranteed success.
In _______ cultures employees typically have a high commitment to building long-term relationships and establishing a ???sense of family??? with colleagues.
high-context
The definition of _________ ___________ skills states: skills that involve communicate and motivation: they enable managers to work through and with people.
human relations
Brite Plating Company has lost a number of valuable employees to competitors. It recently gave employees a substantial raise, but turnover remains high. This is a reflection that, according to Herzberg's motivation-hygiene theory, money is considered to be a(n) _______ factor.
hygiene
An effective marketing research process can
identify alternative strategies and make recommendations about which strategy may be best and why.
The Wolfman Enterprise Center offers inexpensive office space for new service-oriented businesses along with other services to help new businesses succeed. These services include access to financing, shared conference rooms and training facilities, a receptionist and clerical support. This is an example of a(n)
incubator
why do people become entrepreneurs
independence profit opportunity
The units within an organization that receive services from other units within the organization are known as
internal customers.
in an effort to encourage its employees to develop new ideas for the firm, W.L. Gore has a 'Dabble Time Policy' that allows employees to devote 10% of their time at work to create their own projects. The company will even provide employees with funds to use for these projects. It appears that the company is working to develop _______ within its organization.
intrapreneurs
The personal satisfaction people feel when they receive recognition for their efforts is considered to be a(n) __________ reward.
intrinsic
a business that meets the criteria for a small business
is small only in relationship to the rest of its industry it is independently owned and operated
The process of finding small but profitable market segments and designing or finding products for them is referred to as _______ marketing.
niche
Herzberg developed a theory of motivation based on two factors:
job environment and job content.
Communicating a vision for others to follow, establishing corporate values, promoting corporate ethics, and embracing change are qualities that make a good
leader
When managers try to inspire and fuel worker creativity, they are involved in the management function of
leading
the management function that involves creating a vision for the organization, communicating it to others, and motivating them to achieve goals is
leading
micropreneurs are willing to accept the risk of starting and managing a business that:
lets them do the kind of work they want to do offers them a balanced lifestyle remains small
The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources is called
management
___________ is the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.
management
what is controlling?
measuring performance and taking action to ensure desired results
Which of these are basic elements of Taylor's Scientific Management
method, time, rules of work
Anita opened a home-based business specializing in billing and coding for physicians. She intends to keep the business small and operate it as a one-person firm. Anita is a(n)
micropreneur.
_______ are the fastest growing segment of today's workforce. They are optimistic, inventive and individualistic; they seek a balance between life and work and want work that is meaningful.
millennials
After identifying the direction in which the organization is going and its purpose, managers and employees at Region One, a not-for-profit organization, decide to establish a road map for the organization to follow. The road map is the
mission statement
Todd Williamson and Jim Miranda started their business, Broad Reach Sailing, as a way to earn a living doing something they love. Which of the following is not a reason why entrepreneurs like Todd and Jim are willing to take the risk of starting and running a new business?
more leisure time
_______ is the concept that every job can be broken down into a series of elementary motions.
motion economy
According to Herzberg, factors that involve the job itself, such as recognition and stimulating work are considered to be _______ factors.
motivating
Margot manages the customer service department of a medium-sized sports apparel company. One of her responsibilities involves developing specific employee work assignments and schedules. This activity is an example of _______ planning.
operational
_______ planning converts the tactical objectives of the organization into daily or weekly tasks.
operational
more people leave their jobs for
opportunities to advance their careers
Managers are involved in the _______ function of management when they work on shifting procedures and processes to achieve the organization's goals.
organizing
what goes into a business plan?
overview, objectives, market research, personnel, finances, production.
Leaders who welcome suggestions from employees and make them a part of the decision-making process are using the _______ style of leadership
participative
All of the following characteristics are said to add value or enrichment to a job EXCEPT
pay increase
Michael's employer has recently experienced financial problems, and several rounds of layoffs have occurred. Michael is still employed; however, it is likely that his _______ needs have become heightened.
safety
One significant difference in terms of the marketing mix between the business-to-business (B2B) and business-to-consumer (B2C) markets is that B2B markets rely more on
personal selling
Which of the following would be considered a hygiene factor?
physical working conditions
Workers in many factories in developing nations willingly work in unsafe and filthy working conditions because the wages they earn enable them to provide food and shelter for their families. This is an example of workers striving to satisfy their ________ needs.
physiological
Before John can begin selling his new line of book bags, he must determine whether to offer the book bags in the school bookstore, online, in department stores, or in office supply stores. This element of the marketing mix is
place
You can't measure employee performance unless you have clear standards in place. Control standards are set up during the _______ phase of the control process.
planning
What are the primary functions of management?
planning, organizing, leading, controlling
What are a few of the reasons people start their own businesses?
profit, independence, opportunity, challenge
The portion of the marketing mix that consists of methods such as advertising, public relations, and personal selling in order to inform and persuade customers to buy a product is
promotion
The four factors of the marketing mix are
promotion, product, place, and price.
the small business administration (SBA) is the US government agency that advises and assists small businesses by
providing management training providing loans providing financial advice
One of the most successful promotional campaigns implemented by pharmaceutical companies began in 1996 and involved switching the focus of promotion from doctors and pharmacists to consumers. In this instance, the pharmaceutical industry used a ______ strategy to increase profits.
pull
The main objective of push strategies directed at wholesalers and retailers is to
push the products down the distribution channel toward the final consumer.
Theory Z emphasizes all of the following EXCEPT
rapid evaluation and promotion
Which of the following is considered the main motivational factor when it comes to work?
recognition for a job well done
Todd and Jim quickly learned that running a sailing business required a lot more than just taking folks for boat rides in exchange for a few dollars. In order to succeed as entrepreneurs Todd and Jim had to be all of the following except:
risk averse
Dallas is the manager of a manufacturing company. Dallas's approach is to break down assembly workers' jobs into a series of elementary tasks, determine the best way to perform those jobs, and then train workers accordingly. His approach is consistent with the principles of
scientific management.
When performing marketing research, the least expensive approach is to collect ______ data and then proceed with more in-depth analysis only if necessary.
secondary
The process of dividing the total market into several groups with similar characteristics is referred to as market
segmentation.
a mission statement should address an organizations
self-concept customer needs
what are the attributes of a successful entrepreneurs?
self-directed, self-nurturing, action oriented, highly energetic and tolerant of uncertainty
One important managerial function is controlling, and the first step in the controlling process consists of
setting clear performance standards.
Why are small businesses important to the U.S. economy?
small business accounts for almost 50 % of gross domestic product (GDP). perhaps more important to tomorrows graduates, 80% of US workers' first jobs are in small businesses.
What are some of the special problems that small-business owners have in dealing with employees?
small-business owners often have difficulty finding competent employees and grooming employees for management responsibilities.
One factor that Saruman Enterprises considered in deciding whether to market a line of weight-loss supplements was the increasing rate of obesity in the United States. This trend is considered a(n) _______ factor.
sociocultural
characteristics of an intrapreneur
someone who uses company's resources to launch new products a creative person who works within a corporation he or she generates profits by leveraging a firm's human financial and physical resources
Rashid is in charge of hiring employees with specific skills, motivating them, and ensuring that the employee fits within the organizational culture. Rashid is in charge of
staffing
What qualities must standards possess to measure performance results?
standards must be specific, attainable and measurable
Todd and Jim learned that in building a business plan, it was important for them to:
stay flexible
What are the four types of planning, and how are they related to the organization's goals and objectives?
strategic planning is broad, long-range planning that outlines the goals of the organizations. Tactical planning is specific, short-term planning that lists organizational objectives. operational planning is part of tactical planning and sets sp
What is a SWOT analysis?
strengths, weaknesses, opportunities, threats
A successful enterprise in Dubai employs over 600 workers in 15 countries, including the U.S., India, Pakistan, Great Britain and Japan. In order to manage such a diverse workforce, managers should
study and understand diverse cultural factors in designing a reward system.
Managers who need strong technical skills and are responsible for assigning specific jobs to workers and evaluating their daily performance are typically at the _______ level of management.
supervisory
The final step in the control process is
taking corrective action if necessary and providing positive feedback.
When it comes to employee resources, the best leaders encourage
teamwork and the sharing of ideas
What skills do managers need?
technical skills, interpersonal skills, conceptual skills
In general, as a manager moves up through the ranks within an organization, he or she will require fewer _______ skills but more _______ skills.
technical; conceptual
The process used to analyze customers' reactions to a new product is called
test marketing
What U.S. government agency advises and assists small businesses by providing management training and financial advice as well as loans?
the Small Business Administration
Mario owns a small retail business in the U.S. and wants to expand to new markets in the Far East. Which of the following is an example of useful secondary data that Mario can utilize in his marketing research?
the U.S. Department of Commerce's International Trade Administration website
According to the Small Business Administration (SBA), half of the new businesses started in the U.S. fail in the first five years. All of the following are potential reasons for small business failure EXCEPT
the ability to respond quickly to changing market conditions.
What part of a business plan are bankers most likely to read and focus on first?
the executive summary
why has there been such an increase in the number of home-based and web-based businesses in the last fe years?
the increase in power and decrease in price of computer tech. have leveled the field and made it possible for small businesses to compete against larger companies- regardless of location
what is planning?
the process of anticipating future events and determining strategies to achieve organizational objectives in the future
_______ managers assume people not only enjoy their jobs, but will actually seek out and accept responsibility if they are rewarded.
theory Y
At the beginning of the day, the new shipping/receiving manager called his workers into his office and said, "Each of you will be expected to be here at 8:00 a.m. every day, and you are expected to work a full 8 hours. During that time, each of you will be expected to unload 320 crates. I will be checking on your progress frequently." From this description, it sounds like the manager's approach is characteristic of which type of management?
theory x
Douglas McGregor classified managers into two categories: those who prefer to watch over their employees as they complete every task of their jobs, and those who empower their employees to work independently. McGregor called the assumptions behind these categories
theory x and y
What have modern entrepreneurs done to ensure longer terms of management?
they have formed entrepreneurial teams with expertise in the many skills needed to start and manage a business.
A company that wants to analyze a specific job in an effort to determine the most efficient method of performing its various tasks in terms of time and effort utilized.
time-motion studies.
Are these skills equally important at all management levels?
top managers rely heavily on human relations and conceptual skills and rarely use technical skills. first line supervisors need strong technical and human relations skills but use less conceptual skills middle managers need all three
William Ouchi referred to the American approach to management as _______ management
type a
Companies that are willing to exchange a significant stake in the company in return for funds to grow or expand the business may seek funding through
venture capitalists
The goal of ______ marketing is to create conversation and compel the user to spread awareness of the product with friends and family.
viral
Today, there are many websites dedicated to consumers who post reviews of products and services, as well as comments about firms. This is an example of
word-of-mouth promotion.
What are the factors called motivators?
work itself, achievement, recognition, responsibility, growth and advancement
